Iran increases oil production, sends first shipment to Europe

Tehran: Iranian Deputy Oil Minister Rokneddin Javadi announced on Sunday that his country has increased its oil production by 400,000 barrels per day after the lifting of international sanctions against the Islamic Republic, adding that an increase by another 200,000 barrels per day will take place.

Javadi made this announcement while revealing that Iran has sent its first crude oil shipment to Europe in five years. Four million barrels were exported to a refinery in Spain as well as the Total French company and the Russian Lukoil company.

According to Fars news agency, Iran is selling its oil to Europe at a discount and at a lower price than that offered by Saudi Arabia.

Increasing oil exports is the main objective of the Iranian ministry of petroleum since the implementation of the nuclear agreement reached with the P5+1 countries (the US, France, China, Britain, Russia and Germany).